A comparative balance sheet and income statement is shown for Cruz, Inc. 2016 CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 Assets Cash $ 82,800 Accounts receivable, net 35,500 Inventory 74,300 Prepaid expenses 4,600 Total current assets 197,200 Purniture 92,800 Accum. depreciation-Purniture (14,400) Total assets. $275,600 Liabilities and Equity Accounts payable $ 13,000 Wages payable 7.700 Income taxes payable 1,300 Total current liabilities 22,000 Notes payable (long-term) 26,800 Total liabilities 48,800 Equity Common stock, $5 par value 198,800 Retained earnings 28,000 Total liabilities and equity $275,600 $ 20,600 43,700 82,000 3,700 150,000 104,800 (8,000) $246,800 $ 18,200 4,300 2.400 24,900 63,700 88,600 155,300 2,900 $246,800 CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $422.500 Cost of goods sold 271,900 Gross profit Operating expenses 150,600 Depreciation expense $32,500 Other expenses 77.100 Income before taxes 109,600 Income taxes expense 41,000 14.900 Net income $ 26,100 Income before taxes Income taxes expense Net income 41.000 14.900 $ 26,100 QS 12-12 Computing cash from asset sales LO P3 Furniture costing $70,000 is sold at its book value in 2017. Acquisitions of furniture total $58,000 cash, on which no depreciation is necessary because it is acquired at year-end. What is the cash inflow related to the sale of furniture? Furniture 104.800 Beg, bal 70.000 Sale of assets Purchase of assets 58.000 92 800 End. bal. Accumulated Depreciation Beg bal Sale of assets 26,100 32.500 2017 depreciation End bal Accumulated depreciation Book value Cash received) $ 17.500